The brandscape of financial advisories is crowded with self-named practices — advisors who started business under their own name. But as financial advisors become more savvy about branding and marketing — and major franchisers like Ameriprise relax their co-branding rules — many are renaming their practice, walking away from founder names in favor of a broader appeal.

To date, Pollywog has been involved with 20 Ameriprise advisor renaming projects, ranging from one-advisor businesses to practices with multiple partners. We’ve observed that renaming a financial advisor practice is a well-considered business decision, usually driven by the need for:

Easier transitions. A brand name eliminates complications when advisors come and go. There’s no need to tack another name on the door, or to have uncomfortable discussions over the prioritization of names.

Continuity. Instead of projecting the image of a practice comprised of individuals, a brand name creates the perception of a cohesive business and distributes the cachet of the brand across all advisors.

A better reflection of practice size. A brand name can more accurately express the strength and capabilities of larger practices, while providing smaller practices a brand they can grow into.

Distinctiveness. Renaming to a compelling brand name helps a practice stand out from the competition. Strong brand names almost always have more impact and memorability than personal names.

Message goals. A well-crafted brand name alludes to a practice’s brand promise and/or differentiator, and opens the door to conversations about what the practice is all about.

Brand equity. Over time, a brand name acquires valuable goodwill and prestige for the practice which can be transferred to a new owner. The portability of a brand name makes it a valuable asset in a founder’s exit strategy.

Recently, Pollywog reached out to several of the practices that we worked with to ask how their new names were performing for them. Here’s what they told us.

Renaming Heartfire Wealth
Why did you decide to rename to Heartfire Wealth?

For the ease of bringing in new partners. A brand name is less hassle and makes for greater continuity.

What was the reaction of your clients when you became Heartfire Wealth?

Everyone thinks it’s interesting. “Heartfire” evokes emotion and how we always try to connect personally with our clients and view them as family. It fits our practice well and brings up opportunities for conversations, especially when we’re working with couples.

What has your new name done for you that your previous name didn’t?

It’s given us a sense of identity and how we market ourselves. We hosted a client event when we launched the name. It’s so distinctive and really elicits questions: “What do you mean, Heartfire? What do you do differently?”

What advice would you give to other advisors?

You need to stand out, and a name is one of the most obvious ways. There are so many advisors — what’s different about you? The level of service you provide is not apparent to non-clients, but your name can be.

Any regrets over renaming?

No regrets. You guys hit it on the head. We’re extremely happy — our new name has infused us with new energy.

(More on Heartfire Wealth’s renaming project and brand story here)

Renaming Regimen Wealth
Why did you decide to rename to Regimen Wealth?

My practice was growing, and I was going to add other advisors. I wanted the identity to be about the team, not just me, and all the people we would add in the future.

What was the reaction of your clients when you became Regimen Wealth?

Extremely positive.The clients that have been with me for a while loved it. The funny thing is, when all the other advisors who know me heard the name, they said, “I really love that name.” Because they understand my personality. The name really goes to our belief and the things you have to do and steps you have to take to be successful financially. For a lot of new clients, the name is intuitive. When we walk through how we’re going to work with them and all the things we’re requiring them to do, they make the connection with the name.

What advice would you give to other advisors?

Your brand can’t be about your own name. Clients don’t want to be working with Johnson and Associates and all of a sudden the name changes. They want continuity. The name helps you tell what the company is all about. I changed the culture and image of what my entire business is. I don’t know how to assign a value to that, except to say that for the things I want to accomplish long term, this was an integral step in that strategy.

Any regrets?

No regrets. I love it. I wouldn’t change it. I’m very thankful that I went through that process. I love walking into my office and seeing Regimen Wealth on the wall. I see my employees walking around with Camelback bottles stamped with Regimen Wealth, and it makes me feel great.

(More on Regimen Wealth’s renaming project and brand story here)

Renaming Workhorse Wealth
Why did you decide to rename to Workhorse Wealth?

I wanted to differentiate from Edward Jones and other advisors and to have a name that would get brand recognition over time. Also, to do marketing that was unique and ours.

What was the reaction of your clients when you became Workhorse Wealth?

Positive. Initially, some thought that we left Ameriprise. But after explaining how the franchise works, the new name has been positive. They like the name and understand the reasons for it.

What has your new name done for you that your previous name didn’t?

Before, the practice was marketed under my own name. But the new name has changed the perception of the practice, making it more robust and team-oriented. Now when people see our new name, they get the feeling that there’s a lot more to it than just me. It makes our practice feel bigger.

What advice would you give to other advisors?

Go through the same process because there’s a lot of permanence to it. When you trademark your name, you don’t have to worry about someone else using the same name. A lot of people will come up with their own name, but at the end of the day if they didn’t do the research to find a name they can trademark, they could have done all that for nothing. It’s a great decision to make, but do it the right away. Otherwise, you may put a lot of effort and expense into something that’s not permanent.

Any regrets?

No regrets.

Renaming Fireside Wealth
Why did you decide to rename to Fireside Wealth?

To make the practice more about the team, not just about one person.

What was the reaction of your clients when you became Fireside Wealth?

Very positive. Most understood it right away, given our personalities. Overall, it’s been very well received.

What has your new name done for you that your previous name didn’t?

The new name really brought the team out. It’s allowed the team to take over more responsibility and gave them a sense of belonging and purpose.

What advice would you give to other advisors?

Don’t hesitate. Go through the process with Pollywog. By doing so, advisors can learn a lot about why they’re in the business and what they’re all about, which you don’t normally take the time to think through. The process is what I would encourage the most. The end result is fantastic, but the process of self-discovery is an important piece.

Any regrets?

No regrets.

(More on Fireside Wealth’s renaming project and brand story here)

Renaming Stoutheart Financial Group
Why did you decide to rename to Stoutheart Financial Group?

It was related to the sale of the practice.

What was the reaction of your clients when you became Stoutheart Financial Group?

It’s an unusual name, which was the point. We did a reasonable job in terms of explaining the “why.” In this area, it was not uncommon to lose a family farm because of poor financial decisions during the Dust Bowl. That’s why I got into this profession — to make sure others didn’t make similar mistakes. The stout heart refers to withstanding the trials and tribulations of difficult times.

What has your new name done for you that your previous name didn’t?

It’s allowed a seamless transition between succession. Now the firm is viewed as Stoutheart rather than Richard Campbell. When I retire three years from now, I’ll be just another advisor — just part of the team. You do have to somewhat check your ego at the door, doing this. But I don’t need to prove anything anymore.

What advice would you give to other advisors?

You have to overcome the perceptions of existing clients who tend to focus on a particular advisor. When that one leaves, the temptation is high for the clients to leave as well. A brand name puts more focus on the team. It’s a smarter move than selling your services under an individual name.

Any regrets?

No regrets. Smartest decision we ever made.

Pollywog, a naming company in Minneapolis, Minnesota, has been developing story-rich brands for local, national and international clients since 2007. Its client roster includes organizations of all sizes — from Fortune 400 companies to startups — in a wide range of industries including financial, technology, food and beverage, sporting goods, retail, health and wellness, personal services and education, as well as nonprofits.